11101
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How so?
If the poster speaks of people that have paid down debt, saved for a house, then in a year or two, many of them will be in the best position any generation has experienced since the Boomers. Cash rich, employed, surplus housing stock everywhere, banks competing for business.
It’s callous to reduce to those terms but the 5 year outlook for anyone with money in the bank is better than it was a year ago. There will be opportunity in the air.
People seem to forget that ‘Boomers’ refers to those who were born just after World War 2. For large swathes of that generation, life was really fcuking hard. Families decimated. Grandparents gone in many cases. Helpful Global economics and a long period of surety was no guarantee at the outset.
You're overlooking one massive factor here...mortgages.
Banks will not be competing for business. That's not what happens when liquidity dries up and defaults rise, aka a recession. They consolidate loan portfolios and stop lending. Even now as governments are effectively underwriting all debt, banks are still reluctant to lend. It doesn't matter if the housing market crashes 50% the vast majority would still need a mortgage, and that's going to become harder to get, with higher deposit requirements and higher interest rates.
Boomers hit earning age in the 1960s. WW2 was a memory by then and the economy experienced unprecedented and until today unmatched growth, with fairly consistent 4-5%+ annual GDP increases until the 1990s.